Group development second quarter 2026
Revenue amounted to EUR million (EUR million), up with an organic growth of . Revenue development by payer showed double-digit growth in fee-for-service and other services (FFS). Revenue growth varied by country with double-digit growth in India and Poland.
Acquired revenue amounted to EUR million.
Foreign exchange fluctuations had a negative impact of , relating to the weakness of the Indian rupee, the Romanian lei and the Ukrainian hryvna.
In Q2 2026, the macroeconomic environment remained volatile. Headline inflation in Poland averaged in Q2 2026, above in the previous quarter. Core inflation, which excludes food and energy, increased to , up from in the previous quarter. The unemployment rate edged down to ( in the previous quarter) in line with seasonal trends.
Romania’s macroeconomic environment is characterised by elevated inflation, a weakening labour market and heightened political uncertainty. Headline inflation reached , compared to in the previous quarter, driven by fuel prices, tax changes and energy price liberalisation. The labour market shows modest deterioration, with unemployment at (as of end of May) amid subdued domestic demand and recessionary conditions. At the same time, political instability intensified, marked by the collapse of the coalition government, impacting overall macro stability.
Operating profit (EBIT) increased to EUR million (EUR million), an operating margin of ().
EBITDA was EUR million (EUR million), growing by EUR 10.6 million, an EBITDA margin of (). Adjusted EBITDA amounted to EUR million (EUR million) a margin of ().
EBITDAaL was EUR million (EUR million), a margin of (). Adjusted EBITDAaL was EUR million (EUR million), a margin of ().
Net profit amounted to EUR million (EUR million), which represented a margin of (). Total financial result amounted to EUR million (EUR million) of which EUR million (EUR million) was related to interest expense and commitment fees on the Group’s debt and other discounted liabilities. Within the interest expense EUR million (EUR million) was related to lease liabilities. Foreign exchange losses were EUR million (EUR million) of which EUR -1.6 million (EUR -2.9 million) was related to euro-denominated lease liabilities mainly in Romania.
Basic/diluted earnings per share amounted to EUR (EUR ).
Items affecting comparability
Acquisition related expenses were not material (EUR - million in Q2 2025).
Equity settled share-based payments charges relating to long-term performance-based share programmes were EUR - million (EUR - million).
Financial targets for 2026-2028
Medicover has set ambitious financial targets for 2026-2028 (under IFRS accounting standards as of year-end 2025). These goals underscore Medicover's commitment to sustainable growth, operational excellence, and long-term value creation for all stakeholders. Medicover is only six months into its current financial target period and is progressing in line with plan.
Organic revenue
Target 2028
>3.25 €bn
Adjusted organic EBITDA
Target 2028
>600 €m
Leverage ratio*
Target 2028
≤3.0 x
*Loans payable net of cash and liquid short-term investments/adjusted EBITDAaL
Key financial data
| Group, EUR million | Q2 2026 | Q2 2025 | ∆ | 6M 2026 | 6M 2025 | ∆ | LTM | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 640.4 | 596.7 | 7% | 1,264.6 | 1,174.8 | 8% | 2,467.9 | 2,378.1 |
| Operating profit (EBIT) | 51.2 | 41.7 | 23% | 97.9 | 77.7 | 26% | 175.9 | 155.7 |
| Operating profit margin | 8.0% | 7.0% | 7.7% | 6.6% | 7.1% | 6.5% | ||
| Net profit | 23.9 | 18.0 | 32% | 44.5 | 36.8 | 21% | 80.4 | 72.7 |
| Net profit margin | 3.7% | 3.0% | 3.5% | 3.1% | 3.3% | 3.1% | ||
| Basic earnings per share, € | 0.161 | 0.127 | 27% | 0.308 | 0.261 | 18% | 0.561 | 0.514 |
| Diluted earnings per share, € | 0.161 | 0.127 | 27% | 0.306 | 0.260 | 18% | 0.560 | 0.513 |
| EBITDA | 106.8 | 96.2 | 11% | 208.0 | 182.7 | 14% | 396.3 | 371.0 |
| EBITDA margin | 16.7% | 16.1% | 16.5% | 15.6% | 16.1% | 15.6% | ||
| Adjusted EBITDA | 109.2 | 100.9 | 8% | 213.8 | 191.5 | 12% | 410.4 | 388.1 |
| Adjusted EBITDA margin | 17.1% | 16.9% | 16.9% | 16.3% | 16.6% | 16.3% | ||
| EBITDAaL | 72.7 | 64.5 | 13% | 140.1 | 120.8 | 16% | 262.4 | 243.1 |
| EBITDAaL margin | 11.3% | 10.8% | 11.1% | 10.3% | 10.6% | 10.2% | ||
| Adjusted EBITDAaL | 75.1 | 69.2 | 9% | 145.9 | 129.6 | 13% | 276.5 | 260.2 |
| Adjusted EBITDAaL margin | 11.7% | 11.6% | 11.5% | 11.0% | 11.2% | 10.9% | ||
| EBITA | 54.1 | 45.7 | 18% | 103.6 | 84.9 | 22% | 189.3 | 170.6 |
| EBITA margin | 8.4% | 7.7% | 8.2% | 7.2% | 7.7% | 7.2% | ||
| Adjusted EBITA | 56.5 | 50.4 | 12% | 109.4 | 93.7 | 17% | 203.4 | 187.7 |
| Adjusted EBITA margin | 8.8% | 8.4% | 8.7% | 8.0% | 8.2% | 7.9% | ||
| EBITAaL | 45.4 | 37.9 | 20% | 86.2 | 69.4 | 24% | 155.5 | 138.7 |
| EBITAaL margin | 7.1% | 6.4% | 6.8% | 5.9% | 6.3% | 5.8% | ||
| Adjusted EBITAaL | 47.8 | 42.6 | 12% | 92.0 | 78.2 | 18% | 169.6 | 155.8 |
| Adjusted EBITAaL margin | 7.5% | 7.2% | 7.3% | 6.7% | 6.9% | 6.6% |